It's often said that going straight from the ICU to the club is a recipe for disaster, but who would have thought that one day, a joke would become a reality. Recently, Faraday Future (FF) just had its delisting warning lifted, and the company's top executives, led by Jia Yueting, promptly began significant salary increases, sparking widespread concern with this real-life scenario of jumping straight from the ICU to the club.

    It is understood that Jia Yueting's base salary has increased from $450,000 to $680,000, while CEO Matt Tall's annual base salary will be adjusted from $400,000 to $700,000. In addition, both individuals are also eligible for performance bonuses and stock options, a significant increase that is astonishing.

    Looking back at FF's history, it has been fraught with controversy. Faraday Future was founded in May 2014 and announced the completion of its $1 billion Series A funding round the following year. Just two years later, Jia Yueting began making grandiose promises, unveiling the company's first model, the FF 91, at CES and projecting sales and deliveries by 2018. However, just seven months after that CES exhibition, FF's plans for a factory in Hanford, California, were forced to be shelved due to funding issues.

    Following this, consumers were met with repeated delays and further promises from FF regarding the FF 91. For example, the then-CEO of FF, Carsten Breitfeld (known as the "father of the BMW i8"), stated that deliveries would be completed by September 2020; however, when that deadline passed, FF once again pushed back the delivery date, promising to arrange for mass production of the FF 91 as soon as possible.

    Furthermore, less than six months after its backdoor listing in the United States, Faraday Future faced its first crisis in the American capital markets. In October 2021, the renowned short-selling firm J Capital Research released a 28-page short-selling report detailing Faraday Future's funding, R&D, production capacity, and capital situation. The report even included a dedicated section on Faraday Future's founder, Jia Yueting. Ultimately, J Capital Research concluded that Faraday Future would not sell a single car. Subsequently, due to the failure to submit its third-quarter 2021 financial report on time, FF received a warning letter from Nasdaq and another warning in 2024 for not submitting its 2023 10-K financial report on schedule.

    Moreover, given the repeated delays in mass production and delivery of the FF 91, the American capital markets are not optimistic about FF's future. Although FF briefly reached an all-time high of $20.75 per share shortly after its listing, by the close on September 19, its share price had plummeted to just $5.59, with a total market value of only $245 million.

    Fast-forwarding to 2023, the mass production of the FF 91 is officially on the agenda. At the end of May, FF announced the official launch of the FF 91 2.0 Futurist Alliance, priced at $309,000 (approximately RMB 2.23 million). In June, FF initiated the first phase of deliveries, with only 13 vehicles delivered to date. For FF at this stage, accelerating delivery volumes has become a top priority.

    Turning to the most crucial revenue figures for automotive companies, Faraday Future generated a total revenue of approximately $295,000 in the first half of this year. By the end of the second quarter, the company had only $793,000 in unrestricted cash on hand. The tight financial situation has prevented the company from operating normally, forcing it to temporarily lay off most of its employees to save costs. In such a predicament, the company's very survival is at stake, let alone achieving profitability and sustainable development.

    Technologically, FF also faces numerous challenges and needs to make breakthroughs in areas such as battery technology, drive systems, vehicle design and manufacturing, autonomous driving technology, and vehicle-to-everything (V2X) and intelligence. The company must quickly catch up with its competitors to meet consumer demands for power performance, driving experience, and intelligence. However, overcoming numerous technical challenges and developing mature products within a short period is highly challenging.

    In summary, Faraday Future's future development trajectory is fraught with uncertainty. While facing numerous challenges, it also has certain advantages and opportunities. Only by continually striving in areas such as technological innovation, fundraising, and brand building can the company survive and thrive in the fiercely competitive market. Will FF be able to overcome its difficulties and realize its dreams? Can Jia Yueting use FF as a platform to make a successful comeback and return to China? (Images sourced from the internet; please remove if infringing upon copyrights)